Serving you better
CII response to FCA Consumer Duty consultation
Publication date:
07 December 2021
Last updated:
25 February 2025
Author(s):
Chartered Insurance Institute
In response to the FCA’s Consumer Duty consultation paper, published today (7 December) https://www.fca.org.uk/publication/consultation/cp21-36.pdf, Sian Fisher, CEO of the Chartered Insurance Institute, said: “The FCA is being crystal clear: they want the profession to innovate to address the unmet needs of consumers. The regulator’s findings support those of our public trust index - failure to address this erodes consumer trust in the profession.
"We fully support cultural change that enables consumers to make informed and timely decisions, receive satisfactory support from providers and take action to address their needs.
"Our Shaping the future together consultation shows there is an appetite among professionals to further develop the skills and knowledge required to consider the needs of their customers – including those in vulnerable circumstances – and how they behave, at every stage of the product/service lifecycle.
"We are committed to supporting the insurance and personal finance profession with the growing focus on and awareness of what their customers experience and addressing diverse needs.”
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.